Berry Petroleum Co. (BRY)

Berry Petroleum Company engages in the production, development, acquisition, exploitation, and exploration of crude oil and natural gas in the United States. The company owns and operates working interests in 38 properties located in the South Midway-Sunset field; the diatomite oil project in California; the Poso Creek properties located in the San Joaquin Valley basin; and working interests in 13 properties, including 9 leases and 4 fee properties in the Placerita field in the Los Angeles basin in California. It also owns 50% working interests in 6,300 gross acres in the Garden Gulch property and a 5% non-operating working interest on 6,300 gross acres; and a 95% net operating working interest in the North Parachute Ranch property covering 4,300 gross acres, which are located in the Piceance basin in Colorado. In addition, the company owns interest in the Brundage Canyon leasehold consisting of approximately 26,000 undeveloped gross acres located in Duchesne county, northeastern Utah; the Lake Canyon project covering approximately 169,000 gross acres, which is located west of Brundage Canyon producing properties; the Niobrara gas producing assets comprising 315,000 net total acres located in Yuma County in northeastern Colorado. Further, it engages in the generation and sale of electricity. As of December 31, 2007, the company’s estimated proved reserves were 169 million barrels of oil equivalent. Berry Petroleum Company markets its crude oil to oil refining companies. The company was founded in 1909 and is headquartered in Bakersfield, California.

For the nine months ended 30 September 2006, Berry Petroleum Company's revenues increased 27% to $370.1M. Net income increased 8% to $88.8M. Revenues reflect higher sales of oil and gas production levels, an increase in sales of electricity and higher interest and other income. Net income was partially offset by an increase in general & administrative expenses, higher depreciation, depletion & amortization charges and increased Dye hole impairment cost.